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UBS says costs of closing out LEH exposures below $300m

Zurich / Basel16 Sep 2008, 17:10Price Sensitive Information

UBS is aware of a recent research report circulating in markets regarding its exposure to the Chapter 11 filing by Lehman Brothers. UBS confirms that its direct and counterparty exposures to Lehman Brothers, net of hedges, are now substantially closed out. UBS does not expect the total cost of closing out its exposures to Lehman Brothers to exceed $300m.